Loans By Kathy: Second Chance for Homeowner's after a foreclosure or short sale

Second Chance for Homeowner's after a foreclosure or short sale

Second Chance for Homeowner's after a foreclosure or short sale. Yes there is hope but it will take some time.  The amount of time before another purchase can be made will be determined by the type of financing, the amount of your down payment and your CREDIT SCORE!

A foreclosure and sometimes a short sale can negatively impact your credit score by as much as 200 points.  It is going to take time to recover.  Remember there is no quick fix.  The best way to increase your credit score is by maintaining a perfect payment history and managing your account balances.  

FHA will allow for a new mortgage under the Back to Work Program 12 months after a short sale or foreclosure.  There are a set of specific requirements that must be met in addition to the normal FHA underwriting guidelines.  Borrowers should discuss their specific situation with a licensed mortgage originator.

It should also be noted that not all lenders are offering this program at this time.  

 

 

 

 

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 7 commentsKathy Sheehan • December 08 2013 04:37PM

Comments

Good information!  Thank you Kathy.  Buyers or Sellers that have financial questions should contact you!

Posted by Joy Daniels (Joy Daniels Real Estate Group, Ltd.) almost 4 years ago

Thanks Joy!  I always appreciate your support.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 4 years ago

Hum, being about to purchase after only 12 months? Sounds a little to quick to me.

Posted by Than Maynard, Broker - Licensed to List & Sell - 405-990-8862 (Coldwell Banker Heart of Oklahoma) almost 4 years ago

Than, there are very specific circumstances that must be met in order to qualify for the program.  Not everyone is going to be eligible.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) almost 4 years ago

Kathy is is a good thing that many will be able to start rebuilding their lives in a relatively short period.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) almost 4 years ago

This is good information and gives hope to those that need it!  Thank you for sharing Kathy.  Hope to hear from you soon!

Posted by Joy Daniels (Joy Daniels Real Estate Group, Ltd.) over 3 years ago

Thanks for the great information.  I know a couple who can really use this reassurance, Kathy.

Posted by Marshall Enterprises, Antiques, Lawn Care, and Trashouts (Marshall Enterprises ) over 3 years ago

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